The 2 Things You Need to Build Wealth
There's a radio commercial that plays on a couple of our local radio stations that goes something like "Do you want to learn how to make up to $10,000 a month in Real Estate? With a small investment in yourself, I can teach you how to make amazing money flipping houses with other people's money in your spare time." That's not a direct quote but it's a good example of a sketchy get-rich-quick scheme. I've known stuff like that is BS but I finally understand why. In order to make money, you either have to put in money or time. Anything that promises making nothing into something is complete and utter BS.
Obviously, I've been talking a lot about money lately. When I lost my job earlier in the spring, it really changed my outlook on work and money. While I've learned a lot about money management recently, there have been some basic ideas that never really dawned on me until recently. You either need an upfront investment of money or time to make more money.
Most people are familiar with the idea of investing money though most seem to know very little about how to do it. Investing in things like real-estate or the stock market can make good money, but it takes time. While some have made large short-term gains from well-timed trades, it's not a viable strategy for everyone. Ideally, you'd invest money and leave it in your investments for years or decades even. This is an example of using money to make money.
This is how 99% of the population makes money. You trade your time for money. This is why people need their job. Another example could be writing a book. When you write a book, you invest a considerable amount of time up-front and then you can get paid for that work. (Technically, that's assuming your book sells naturally, barring anytime you have to spend marketing your book.)
The basic principle here is that in order to make money, you have to invest time or money. Any system or service that says you can make money without some kind of financial or time investment is a complete crock, scam, or both. If it sounds too good to be true, it probably is.
It's easy to fall for an idea of making money quick with little effort. Don't waste your time on them. Instead, focus reading a book, or learning a new skill. Do something productive rather than chasing dead ends.
Obviously, I've been talking a lot about money lately. When I lost my job earlier in the spring, it really changed my outlook on work and money. While I've learned a lot about money management recently, there have been some basic ideas that never really dawned on me until recently. You either need an upfront investment of money or time to make more money.
Investing Money
Most people are familiar with the idea of investing money though most seem to know very little about how to do it. Investing in things like real-estate or the stock market can make good money, but it takes time. While some have made large short-term gains from well-timed trades, it's not a viable strategy for everyone. Ideally, you'd invest money and leave it in your investments for years or decades even. This is an example of using money to make money.
Investing Time
This is how 99% of the population makes money. You trade your time for money. This is why people need their job. Another example could be writing a book. When you write a book, you invest a considerable amount of time up-front and then you can get paid for that work. (Technically, that's assuming your book sells naturally, barring anytime you have to spend marketing your book.)
The basic principle here is that in order to make money, you have to invest time or money. Any system or service that says you can make money without some kind of financial or time investment is a complete crock, scam, or both. If it sounds too good to be true, it probably is.
It's easy to fall for an idea of making money quick with little effort. Don't waste your time on them. Instead, focus reading a book, or learning a new skill. Do something productive rather than chasing dead ends.
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